The series C funding will help Western Michigan portfolio company Shoulder Innovations build on the launch of its flagship shoulder replacement product.

US-based shoulder implant technology developer Shoulder Innovations closed a $21.6m series C round backed by Western Michigan University’s Biosciences Research and Commercialization Center on Monday. Venture capital firms US Venture Partners and Lightstone Ventures co-led the round, which included state government-backed agency Invest Michigan, Michigan Angel Fund, Alumni Venture Partners, Wakestream Ventures and undisclosed additional investors. Shoulder Innovations has launched a surgical device called Inset Glenoid to prevent shoulder replacement failure caused when the glenoid bone has not been securely grafted. The funding will go to product development and expanding the company’s product portfolio. USVP general partner Casey Tansey and Mike Carusi, general partner at Lightstone Ventures, have joined its board of directors. Medical device manufacturer Genesis Innovation Group invested an amount in Shoulder Innovations indicated by a regulatory filing to be $200,000 shortly after it was founded in 2015. It added $600,000 from undisclosed investors the following year, according to another filing. The company said this week Genesis Innovation and its Cultivate(MD) Capital Funds vehicle co-led a second round of undisclosed size but did not reveal when the deal took place. Michigan Angel Fund led a $1m round for Shoulder Innovations in 2017, according to Michigan Venture Capital Association, which did not name the other investors. It closed a $2.5m series A round in late 2018 featuring Michigan Angel Fund, Wakestream Ventures, Genesis Innovation, Cultivate(MD) and unnamed additional investors.

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